In June 2000 the ECOFIN Council endorsed the report presented by the Economic and Financial Committee on the requirements for information of the Economic and Monetary Union (EMU), and invited the Commission (Eurostat) to establish a Plan of Action that allowed the identification of basic statistic areas in the Euro zone and the European Union. The Plan of Action would be supported by the Central European Bank. The Economic and Financial Committee, assisted by its working group on statistics, would examine progress on the implementation of the Action Plan on EMU Statistical Requirements and annually would present a Status report to the ECOFIN Council.

Subsequently, a document compiled jointly by the Council and the Commission was presented at the European Council meeting in March 2003, requesting the development of a series of short-term indicators that could be used as a support tool for economic analysis and the monetary policy. This series of indicators, known as the Principal European Economic Indicators (PEEIs) should meet the strictest international quality standards, especially in terms of the punctuality and appropriateness of the dissemination of the data.

The latest report available is 2010. It presents the main improvements in the PEEIs in terms of availability, timeliness and coverage, against the targets fixed by the Commission Communication (COM (2002) 661) and revised in 2008. It also includes progress on horizontal issues such as the implementation of the classification NACE Rev.2, revision policy or seasonal adjustment, among others. Moreover, the report reflects on a long-term strategy that will lead the work on PEEIs for the next decade in the framework of the reduction of the resources and the priority setting.

- 2010 EFC Status Report on Information Requirements on EMU